ALTRAD AUSTRALIA TO ACQUIRE VALMEC LIMITED

ALTRAD AUSTRALIA TO ACQUIRE VALMEC LIMITED
19 Jul 2021

The Altrad Group has agreed to acquire Australian-listed Valmec Group (www.valmec.com.au). This combination represents a magnificent opportunity for both Altrad and Valmec in the Asia-Pacific region.

Valmec (around 300 people) is a multi-discipline contractor, delivering in-house and niche end-to-end solutions covering design, construction, maintenance and asset integrity services to the oil and gas, energy, water, infrastructure, and resources sectors.

The transaction, which will take place via a “Scheme of Arrangement”, is conditional on shareholder approval. For more information, please visit:

https://www.asx.com.au/asxpdf/20210719/pdf/44yf75km7tdhk0.pdf.

Altrad Group Chief Executive Officer Ran Oren said: “Australia and the broader Asia Pacific region are a key pillar of Altrad’s growth strategy. I am therefore delighted that we have been able to agree with the Board of Valmec to merge this strong business into our existing operations. This committed investment reflects Altrad’s confidence in its Australian team and the growth prospects for our business here”.